Justice K. Lakshman of Telangana High Court dismissed a batch of criminal petitions filed by three persons seeking to quash First Information Report (FIR) and Enforcement Case Information Report (ECIR) issued by CBI and ED respectively against them in a bank loan fraud involving ₹182.99 crore. The Supreme Court in different judgements categorically held that it was not proper for the High Court to exercise power to quash FIRs in economic offences. The payments made by the petitioners under One Time Settlement (OTS) was only a fraction of the total dues they owed to different banks. While the total principal amounts was ₹134.18 crore, with interests the petitioners owed ₹241.93 crore to the banks. As the petitioners defaulted payments, the banks approached the CBI which issued a FIR against them.

Source: The Hindu December 25, 2020 19:52 UTC